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EghtesadOnline: Iran’s diplomatic offices in Iraq will charge their consular services in either euros or dinars instead of the US dollar, effective from Tuesday as part of a new Iranian policy to reduce its reliance on the US currency.

The legal risks posed by US sanctions against the Islamic Republic have made overseas lenders and firms unwilling to do business with Tehran, IBENA reported. Earlier this month, US President Donald Trump decided to unilaterally pull out of the 2015 nuclear deal with Iran and restore sanctions lifted under that agreement. International transactions involving the dollar were already difficult because of the threat of US penalties hovering over any dollar-denominated Iran-related deal processed via Washington’s financial system. Tehran is making efforts for years to move away from the dollar and announced on April 9 a shift from dollar to euro as the currency for reporting foreign transactions, according to Financial Tribune.

 

US dollar Iran Consular Services in Iraq